{"id":348005,"date":"2025-10-14T17:22:49","date_gmt":"2025-10-14T11:52:49","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=348005"},"modified":"2025-10-14T17:22:49","modified_gmt":"2025-10-14T11:52:49","slug":"nobel-prize-in-economic-sciences-2025","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/nobel-prize-in-economic-sciences-2025\/","title":{"rendered":"Nobel Prize in Economic Sciences 2025"},"content":{"rendered":"<p><strong>News: <\/strong>The Royal Swedish Academy of Sciences awarded the 2025 Economics Nobel to Joel Mokyr, Philippe Aghion, and Peter Howitt for innovation-driven growth.<\/p>\n<h2>About Nobel Prize in Economic Sciences 2025<\/h2>\n<figure id=\"attachment_348006\" aria-describedby=\"caption-attachment-348006\" style=\"width: 332px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\" wp-image-348006\" src=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2025\/10\/Source-Nobel-Prize-Committe.jpg?resize=332%2C330&#038;ssl=1\" alt=\"\" width=\"332\" height=\"330\" srcset=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2025\/10\/Source-Nobel-Prize-Committe.jpg?resize=300%2C298&amp;ssl=1 300w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2025\/10\/Source-Nobel-Prize-Committe.jpg?resize=150%2C150&amp;ssl=1 150w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2025\/10\/Source-Nobel-Prize-Committe.jpg?resize=768%2C763&amp;ssl=1 768w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2025\/10\/Source-Nobel-Prize-Committe.jpg?w=879&amp;ssl=1 879w\" sizes=\"auto, (max-width: 332px) 100vw, 332px\" \/><figcaption id=\"caption-attachment-348006\" class=\"wp-caption-text\">Source &#8211; Nobel Prize Committee<\/figcaption><\/figure>\n<ul>\n<li>It is the \u201c<strong>Sveriges Riksbank Prize&#8221;<\/strong> in Economic Sciences in Memory of Alfred Nobel 2025,\u201d <strong>popularly called the Nobel prize for economics<\/strong>.<\/li>\n<li><strong>Winners of 2025 Prize<\/strong>\n<ul>\n<li><strong>Joel Mokyr &#8211; <\/strong>Northwestern University, <strong>US<\/strong>.<\/li>\n<li><strong>Philippe Aghion &#8211; <\/strong>Coll\u00e8ge de France, INSEAD, and LSE.<\/li>\n<li><strong>Peter Howitt &#8211; <\/strong>Brown University, <strong>US<\/strong>.<\/li>\n<\/ul>\n<\/li>\n<li>Prize money is <strong>11 million Swedish kronor (Rs 10.25 crore)<\/strong>; <strong>half<\/strong> goes to Mokyr, and the <strong>other half is shared<\/strong> between Aghion and Howitt.<\/li>\n<li><strong>Recognized work: <\/strong>It recognizes their <strong>explanation of innovation-driven economic growth<\/strong> and why <strong>sustained growth emerged in the last two centuries<\/strong> when stagnation dominated most of human history.<\/li>\n<li><strong>Key contribution by winners<\/strong>\n<ul>\n<li><strong>Joel Mokyr<\/strong><strong> (economic historian)<\/strong>\n<ul>\n<li>Joel Mokyr <strong>used historical sources<\/strong> as one means to <strong>uncover the causes of sustained growth becoming the new normal<\/strong>.<\/li>\n<li>He demonstrated that <strong>if innovations are to succeed<\/strong> one another in a self-generating process, we not only need to know that something works, but we also need to have scientific explanations for why.<\/li>\n<li>The <strong>latter was often lacking prior to the industrial revolution<\/strong>, which made it difficult to build upon new discoveries and inventions.<\/li>\n<li>He also emphasised the <strong>importance of society<\/strong> being open to new ideas and allowing change.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Philippe Aghion &amp; Peter Howitt<\/strong>\n<ul>\n<li>Both also studied the <strong>mechanisms behind sustained growth<\/strong>.<\/li>\n<li>They constructed a <strong>mathematical model<\/strong> for what is called <strong>creative destruction<\/strong>: when a new and better product enters the market, the companies selling the older products lose out.<\/li>\n<li>The innovation represents something new and is thus creative.<\/li>\n<li>However, it is also destructive, as the company whose technology becomes pass\u00e9 is outcompeted.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>News: The Royal Swedish Academy of Sciences awarded the 2025 Economics Nobel to Joel Mokyr, Philippe Aghion, and Peter Howitt for innovation-driven growth. About Nobel Prize in Economic Sciences 2025 It is the \u201cSveriges Riksbank Prize&#8221; in Economic Sciences in Memory of Alfred Nobel 2025,\u201d popularly called the Nobel prize for economics. Winners of 2025&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/nobel-prize-in-economic-sciences-2025\/\">Continue reading <span class=\"screen-reader-text\">Nobel Prize in Economic Sciences 2025<\/span><\/a><\/p>\n","protected":false},"author":10393,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,12039,7965,11210],"tags":[11872],"class_list":["post-348005","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-knolls","category-miscellaneous-daily-factly-articles","category-personalities-in-news","tag-9pm-daily-factly","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/348005","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10393"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=348005"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/348005\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=348005"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=348005"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=348005"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}